2. Survivorship Bias
After reading Gates’ and Musk’s life stories, people seem to fall for the successful dropout myth , because if they can do it, why can’t you?
These stories might expose a fallacy in judgement because in reality, for one success story there are tens of thousands of stories of failure that may not be focused on because of a survivorship bias.
Focusing on only success stories results in “Survivorship Bias”.
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Digital marketing at dentsu. Invested in the symbiosis of marketing, psychology, and design. Photographer at heart.
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Survivorship Bias
Survivorship bias is a logical error that twists our understanding of the world and leads to a wrong understanding of cause and effect.
We fall into survivorship bias when we assume that success stories tell the entire story of a product/business, while we don't properly consider past fail...
Survivorship Bias
We tend to overestimate the chances of success because success stories are more likely to be reported, while failure stories do not.
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Survivorship Bias
It's our tendency to concentrate on the people who end up winning —the survivors—and mistakenly assume that ambitious goals led to their success while removing from pur view all of the people who had the same objective but didn’t succeed.
When you solely focus on success, survivorsh...
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